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Alternative Market Briefing

Hedge fund industry weighs in on hedge fund advertising, CFTC to rule on Dodd-Frank derivatives rules

Friday, July 12, 2013

Bailey McCann, Opalesque New York:

With great fanfare the Securities and Exchange Commission (SEC) lifted the ban on hedge fund advertising yesterday. Under the new rules, first set into motion by the JOBS Act, hedge funds will now be able to advertise in ways similar to mutual funds. Consumer advocates say that the allowance will make it easier for investors to get taken in fraud scams and may confuse the mutual fund laden retail marketplace. However, the regulator approved the provision with new guidance to attempt to mitigate some of that fraud risk.

In connection with this new rule, the Commission voted to issue a rule proposal requiring issuers to provide additional information about these securities offerings to better enable the SEC to monitor the market with that ban now lifted. The SEC also adopted rules that disqualify felons and other bad actors from participating in certain securities offerings as required by the Dodd-Frank Act.

Market participants and industry insiders have been issuing a wealth of comments following the decision, the Managed Funds Association said in a statement, "MFA supports the elimination of the prohibition on general solicitation for Regulation D offerings in a manner that will allow issuers to engage......................

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